#AltcoinBreakout
from what i’ve seen in the past, bitcoin usually moves when institutions start buying or selling at key levels.
before the last $BTC breakout and new all time high, there was heavy accumulation in ibit (blackrock’s btc etf), mstr (btc proxy), and coinbase.
this was visible both on the dark pool and through unusual options activity. it helped me time the longs well.
similarly, when btc was consolidating and $ETH broke out, sbet showed insane call buying. turned out the big boys knew something before the breakout and follow through happened.
today though, the flow and options activity are telling a different story!!!
i’m seeing a lot of call writing on mstr and profit booking by whales on ibit and sbet.
i wouldn’t chase longs here. looks like a healthy pullback is due, just based on what the flow is saying..
and no, i don’t care if you come at me saying crypto week bill passed or sailor bought more btc..
those are otc transactions and don’t cause real demand or move price in the open market.
they’re basically dark pool prints and not relevant for short-term direction.
just posting this to document my thoughts in real time…
at the end of the day i’m just a stranger online.
do your own research!!
